3 Key Takeaways From Autodesk's Latest Quarter
Computer-assisted design (CAD) titan Autodesk (NASDAQ: ADSK) delivered vigorous fiscal 2021 second-quarter results on Aug. 25. Shares have trailed down modestly since, however, because of a cautious revenue outlook for the remainder of the year. As of this writing, Autodesk's stock has dipped about 3% in the first few days following the earnings release, though it's still up 33% year to date. To understand the longer-term impact of recent operations, let's review three key takeaways below that help illuminate the results of the past three months.
Autodesk's revenue increased by 15% against the prior-year quarter to $913 million, and its gross margin improved by 110 basis points to 91.1%. Perhaps more revealing than these metrics was management's control of company overhead: Operating expenses increased at a much slower rate than sales, growing by just 6.6%.
Consequently, Autodesk generated nearly seven percentage points of operating leverage, as operating margin climbed by 680 basis points. This operating leverage was of course beneficial to the bottom line. Net income more than doubled to $98 million, against $40 million of net income in the fiscal second quarter of 2020.
Source Fool.com
